Proceeding contribution from John Battle (Labour) in the House of Commons on Thursday, 9 June 2005. It occurred during Debate on bill on Consumer Credit Bill.
Consumer Credit Bill
It costs £700 to borrow £1,000 from a doorstep lender, which is so far over the odds that it is immoral and should be capped. I agree that the high profile cases involve different borrowers. APRs of 39 per cent. and 49 per cent. have been mentioned as great scandals; I deal with people who pay more than 1,000 per cent. APR. We should get a grip on the situation and, at the very least, serve notice to companies that they will be fined if they charge such interest rates.
Secondary information
- Type
- Proceeding contribution
- Reference
- 434 c1435
- Session
- 2005-06
- Chamber / Committee
- House of Commons chamber
- Subjects
- Disclosure of information Consumers Appeals Debts Cheques Credit agreements Credit Credit cards Licensing Instalment credit Interest rates Low incomes Powers of entry Protection Loans Office of Fair Trading Money lenders Regulation Unfair practices Personal loans Financial Ombudsman Service Mediation
- Legislation
- Consumer Credit Bill 2005-06
- Link
- View this Proceeding contribution on www.publications.parliament.uk
Librarians' tools
- Timestamp
- 2024-01-26 18:39:55 +0000
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- http://data.parliament.uk/pimsdata/hansard/CONTRIBUTION_250829
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